Body Corporate and Community Management and Other Legislation Amendment Act 2010
15 April 2011
The Body Corporate and Community Management and Other Legislation Amendment Act 2010 became law on 14 April 2011 after the changes received Royal Assent. Queensland Law Society has developed Body Corporate legislation information regarding major aspects of this legislative change.
The Act is directed toward two main issues:
- changing the way contribution and interest schedule lot entitlements are set, adjusted and disclosed to buyers of lots; and
- the establishment of a specified two-lot scheme module.
Aspects of the Act relating to lot entitlements commenced yesterday while aspects relating to two-lot schemes commence on a date to be fixed by proclamation.
Lexon Insurance has previously provided guidance to legal practitioners on the critical changes to lot entitlements in its Risk Alert of 8 April 2011. If you are insured by Lexon and are not receiving these free email alerts please contact email@example.com to subscribe.